Nick Sherry (Tasmania, Australian Labor Party, Minister for Superannuation and Corporate Law) Share this | Hansard source

Unfortunately, the supplementary question still reveals a failure to understand who makes the decisions about financial regulation and supervision when it comes to the prohibition of short selling in this country. We have an independent regulator, Senator—ASIC. They determine the details of the operation of and the transition provisions for the ban on short selling in this country. If you go to their website I am sure they will have laid out the transitional provisions and the details of the transitions for this very important measure that has been taken at a time of market instability. I stress, we have major market instability that has been ongoing and has got worse. The independent regulator, ASIC—which you created; you appointed the commissioners, which you continue to criticise—has made a decisive decision and put an interim ban on short selling which is necessary with the current share market volatility. It is very important that you support that, support our budget measures and provide the vital cushion we need to ensure financial stability. (Time expired)